Mr Steve Ayorinde, who is the state Commissioner for Information and Strategy, explained in a statement on Thursday in Lagos that the figure was sourced from the reports monitored by authorities.

“Reports monitoring the current trends show multi-billion naira spending in hotel accommodations across the state,” Ayorinde said.

According to him, these revenues accrued from “alcohol and beverage consumption as well as culinary (food) business; visits to resorts, parks, clubs and lounges, live theatre and cinemas; fees for musicians, their handlers and technical staff.”

It also included ancillary businesses like fashion and clothing, kiddies’ games and toys, specialised taxis and private security guards that all contribute into the tourism and entertainment sectors.

“What this cash-enabled December has shown is a massive growth in the creative economy sector in Lagos State. The entire state is agog, hotels are fully booked from Victoria Island to Ikeja, Epe and Badagry. There is a renewed sense of fun among the citizens and visitors,” Ayorinde said.